May National Passenger Vehicle Retail Sales Hit 1.51 Million Units, Down 22.1% YoY

From May 1 to 31, retail sales of passenger vehicles nationwide totaled 1.51 million units, down 22.1% year-over-year but up 9.2% month-over-month. Cumulative retail sales for the first five months of this year reached 7.099 million units, a 19.5% decline compared to the same period last year. The market in May showed clear signs of overall pressure, modest month-over-month improvement, and pronounced structural divergence, indicating that a genuine recovery has yet to materialize. The temporary rebound was primarily driven by automakers’ promotional activities stabilizing, the effectiveness of measures aimed at curbing excessive competition (“anti-intracompany rivalry” policies), reduced consumer hesitation due to diminished expectations of further price cuts, and the Beijing Auto Show stimulating the release of some pent-up demand.